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7 Hot Stocks on Traders' Radars

Hologic

Nearest Resistance: $20

Nearest Support: $17.50

Catalyst: Earnings, Gen-Probe Purchase

Last up today, medical diagnostics firm Hologic (HOLX - Get Report) is down double-digits on the week following the one-two punch of an earnings miss and an acquisition that the firm is paying a premium for. While announcing a revenue shortfall yesterday morning, the firm announced that it was buying Gen-Probe (GPRO) at a 20% premium to the firm's value last week. Mr. Market isn't reacting well to that combination.

From a technical standpoint, the news broke HOLX down below previous support at $20, a price level that had held shares up since the start of February. With this stock unable to catch a bid at previous levels and the next nearest support level still a dollar and change away, it makes sense for bargain hunters to turn their sights elsewhere right now.

To see these stocks in action, check out the at Most-Searched Stocks portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.

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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on MSNBC.com.
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